Your Money - Your Future
Long Term Care
Long term care is needed when a person becomes ill or suffers a disability that makes them unable to carry out their activities of daily living, with the probability that this disability will continue over the long term.
The care required can take many forms, from simple domestic assistance to daily medical help and medication, and may be provided in a care or nursing home or in the person's own home.
As it is long term in nature and often the person is unlikely to recover, it is not covered by Private Medical Insurance, which only covers acute medical conditions (i.e. conditions from which a recovery is expected).
The harsh facts are that if you need long term care, then you will probably have to pay for it or contribute towards it.
Size and reputation of providers of these products are not a guide in themselves to how good a product is - or whether it meets your needs. Parts of this market are unregulated, and there are a lot of companies entering the market; not all of which have a good reputation.
To complicate matters a new trend is emerging, with an ageing population it is often the children who have to pay for parental care - and to make matters worse they are often retired themselves.
The route you use for care involves complex financial decisions, which affect you and your family over the long term; Gemini Wealth Management Advisers specialise in guiding you to the right solution.